Does HYCROFT MINING HOLDING CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HYCROFT MINING HOLDING CORPORATION (HYMC) 19.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has HYMC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 19.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HYCROFT MINING HOLDING CORPORATION

HYMC · Materials · $1.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin -92.5% over 4y, variable.

Returns on capital0

Median ROIC -82.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $19.05
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

It earned −109.9% on invested capital in FY2025, with a median of −82.4% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

The share count rose 25578.4% between FY2019 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Pricing Power the weakest (0/100), which is how HYMC lands at 20/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$0 FY2023

Gross marginRevenue kept after cost of goods−61.3% FY2022

Return on invested capitalOperating profit on the capital employed−109.9% FY2025

Owner earningsCash an owner could take out−$39.2M FY2025

Gaps in a line mean that item isn’t in HYMC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale19.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — HYMC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#188 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#186KARX Karbon-X Corp.20.6 out of 100, No moatNo moat
#187HLX Helix Energy Solutions Group, Inc.19.9 out of 100, No moatNo moat
#189MATV Mativ Holdings, Inc.19.6 out of 100, No moatNo moat
#190CEIN Camber Energy, Inc.19.6 out of 100, No moatNo moat

Compare HYMC with its nearest peers →All Materials companies on the Index →

Common questions about HYMC

Does HYCROFT MINING HOLDING CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HYCROFT MINING HOLDING CORPORATION (HYMC) 19.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has HYMC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 19.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HYMC. See the disclaimer.